An interesting question is long term dynamics of STETH vs ETH
There is a simple argument that in the long term, all ETH will end up getting transformed into STETH
The argument goes like this: normally when the market is not too scared STETH is pegged to ETH 1:1, but if you hold STETH you get staking return and if you hold ETH you do not.
So pretty much anyone that holds ETH has an incentive to turn it into STETH.
Then the long term fix point of the evolution is that all ETH is turned into STETH.
The funny thing is that at this point everything is trivialized into inflation, since everyone will get the same return and the only happy party is IRS.
Another interesting result of this is 100% centralization of the network, since LIDO will be the only party actually controlling staking.